Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 245.35

What constitutes forgiveness of a debt

    A debt is forgiven if and when:

  (a)   the debtor's obligation to pay the debt is released or waived, or is otherwise extinguished other than by repaying the debt in full; or

  (b)   the period within which the creditor is entitled to sue for the recovery of the debt ends, because of the operation of a statute of limitations, without the debt having been paid.



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